All things equal, the price elasticity of supply:
a. will be greater in the short run than in the long run.
b. will be greater in the long run than in the short run.
c. is the same for the short run and the long run.
d. approaches zero in the long run.
b
Economics
You might also like to view...
If, as a perfectly competitive industry expands, it can supply larger quantities only at a higher long-run equilibrium price, it is
A) a constant-cost industry. B) an increasing-cost industry. C) a decreasing-cost industry. D) a fixed-cost industry.
Economics
The marginal cost of serving an additional user of a public good is zero.
Answer the following statement true (T) or false (F)
Economics